Cattle Shooting Higher with Beef Sparking a Rally
Live are up triple digits across the board on Tuesday, as contracts are up $2.25 to $3.50. Cash action was mostly compiling showlists on Monday. Last week was mixed, with the South seeing action anywhere from $183-185, and the North at $186-187. Feeders are posting $3.95 to $4.80 gains across the borad. The CME Feeder Cattle index was back up 75 cents on May 10 to $241.36.
Crop Progress data showed pasture ratings up 1% to 47% gd/ex, taking the Brugler500 index up 3 points to 322. A weighted average the major beef cow states saw ratings increase 5 points to 337.
USDA’s Wholesale Boxed Beef prices shot higher again in the Tuesday AM print report. Choice boxes were up another $4.65 at $303.60, with Select $5.72 higher to $292.90. That widened the Chc/Sel spread to $10.70. USDA estimated federally inspected cattle slaughter at 116,000 head for Monday. That down 4,000 head from last Monday and 8,964 head below last year.
Jun 24 Live Cattle are at $178.550, up $2.975,
Aug 24 Live Cattle are at $176.450, up $3.050,
Oct 24 Live Cattle are at $179.550, up $2.725,
May 24 Feeder Cattle are at $243.175, up $3.800
Aug 24 Feeder Cattle are at $256.050, up $4.700
Sep 24 Feeder Cattle are at $256.925, up $4.700
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
